Calgary Real Estate predictions?

[DoubleF]

Thanks. The article never really explained and I wasn't aware so many additional locations were included in the CMA.

[CroFlames]

Originally Posted by polak

Cause CMA's are calculated by the amount of daily commuters into the main city.

Not enough people from the Foothills MD (which Okotoks is a part of) commute into work in Calgary for them to be counted in our CMA.

It's BS really cause Okotoks itself should totally qualify but unfortunately, the MD does not.

What difference does it make to an average Calgarian? What's so unfortunate about it?

[polak]

Originally Posted by CroFlames

What difference does it make to an average Calgarian? What's so unfortunate about it?

Oh nothing for a normal person. It's just BS to someone like me who has a weird fascination with population and human geography.

[Fuzz]

I like human geography too. From the mountains, to the valleys...Oh, wait..not THAT human geography...

[Kavvy]

Anyone check out MLS.ca today with the listed since filter on for just today?

there is way more then any other day I have checked - would a Realtor check some and let us know if it is a MLS bug, or indeed updated/new listings?

[Canehdianman]

Originally Posted by Kavvy

Anyone check out MLS.ca today with the listed since filter on for just today?

there is way more then any other day I have checked - would a Realtor check some and let us know if it is a MLS bug, or indeed updated/new listings?

Hmm same thing on the realtor.ca app. A lot of houses I've already favourited are showing up through the filter, so I suspect its an error.

Hmm upon further review, I can't access the 'old' favourites properties anymore, but if add the same property to my favourites again, I can click on the new one.

Its as though they reset their database and every house shows as a new listing now.

[Kavvy]

Originally Posted by Canehdianman

Hmm same thing on the realtor.ca app. A lot of houses I've already favourited are showing up through the filter, so I suspect its an error.

Hmm upon further review, I can't access the 'old' favourites properties anymore, but if add the same property to my favourites again, I can click on the new one.

Its as though they reset their database and every house shows as a new listing now.

ya it weird, its definitely not all the listings, but one I checked hasn't moved in price since last time I am almost sure

[Harry Lime]

I meant to post a couple of days ago on the subject, but didn't have an opportunity at the time... the front page of the Calgary Herald had a lead in to the second page, reporting on incidents of mortgage holders going into banks, and dropping off the keys to houses that were financially underwater.

What I found amusing was that the person that they interviewed for confirmation of this trend was a realtor. Of course she stated that she had never heard of such a thing. What madness. Everything will be fine.

Everyone should have a realtor friend, that they can keep a close eye on, just in case they begin to sell their own properties. Sort of like when you see wildlife running out of a forest.

[Slava]

^ has there been a lot of this? Like how many people have walked away from their houses at this point?

[GP_Matt]

The price has to drop 20% plus any principle you paid on the loan before you break even walking away. Unless you turned your house into a crack den I can't imagine walking away is a good financial move.

[OMG!WTF!]

Originally Posted by GP_Matt

The price has to drop 20% plus any principle you paid on the loan before you break even walking away. Unless you turned your house into a crack den I can't imagine walking away is a good financial move.

People sometimes add second mortgages to the over all debt, owe a wack of property tax, have home maintenance issues, add the potential cost of a realtor and then finally add the cost of arrears on the first. Your property could go up in value and you could still be underwater.

[Kavvy]

Originally Posted by Harry Lime

I meant to post a couple of days ago on the subject, but didn't have an opportunity at the time... the front page of the Calgary Herald had a lead in to the second page, reporting on incidents of mortgage holders going into banks, and dropping off the keys to houses that were financially underwater.

What I found amusing was that the person that they interviewed for confirmation of this trend was a realtor. Of course she stated that she had never heard of such a thing. What madness. Everything will be fine.

Everyone should have a realtor friend, that they can keep a close eye on, just in case they begin to sell their own properties. Sort of like when you see wildlife running out of a forest.

I am bearish on housing, yet jingle mail has been blown up by the media for views and clicks. Its nothing right now

They had the percentages in one of the stories, and I am too lazy to look it up, but it was something like a tenth of a percent.

[Harry Lime]

I just thought that it was amusing that such lazy reporting made it to the first and second page of the local 'reputable' newspaper. It's like asking a serious question on the safety of bungeejumping, and then asking for an opinion from the owner of of 'awesome bungee maddness inc' if everything is just fine.

The downfall of reliable media, or a smokescreen of how bad things may get? Interviewing a statistician and listing trends from the 2008 downturn would have been much more enlightening.

[bizaro86]

Originally Posted by Harry Lime

I just thought that it was amusing that such lazy reporting made it to the first and second page of the local 'reputable' newspaper. It's like asking a serious question on the safety of bungeejumping, and then asking for an opinion from the owner of of 'awesome bungee maddness inc' if everything is just fine.

The downfall of reliable media, or a smokescreen of how bad things may get? Interviewing a statistician and listing trends from the 2008 downturn would have been much more enlightening.

I was easily the youngest person I knew who got the paper, but it's just gotten so terrible that it doesn't makes sense. I usually get better research on interesting current topics from the off-topic form.

[tvp2003]

Originally Posted by Mr.Coffee

We'd like to upgrade, but when we look at what people are asking its beyond comprehension. Can't wait for some softening to happen (actually, just hoping it does happen).

Originally Posted by Canehdianman

I'm watching like a vulture as well. I've definitely noticed some softening in the 700k-800k houses already. Nothing is selling so prices are starting to come down.

None of the houses I've 'favourited' on mls.ca have sold in over a month.

I'm curious -- what happens if you find "that" house? Decide to write an offer with a long possession and then hope to sell your place in the interim?

We've seen some nice properties come up but are hesitant to pull the trigger until we're close to listing our place. Worst case scenario is having to take a haircut on our place (in a declining market) because we have to sell before taking possession of the new place.

[pseudoreality]

Originally Posted by tvp2003

I'm curious -- what happens if you find "that" house? Decide to write an offer with a long possession and then hope to sell your place in the interim?

We've seen some nice properties come up but are hesitant to pull the trigger until we're close to listing our place. Worst case scenario is having to take a haircut on our place (in a declining market) because we have to sell before taking possession of the new place.

I'm doing that exact thing now. I've put in an offer on house, closing on June 28 with the condition I sell my house by June 15. I don't plan on listing my house until May 1 as there are some minor improvements I need to finish first. Some of the work (painting/caulking around the new window trim) requires plus weather for me to do.

[darklord700]

Originally Posted by pseudoreality

I'm doing that exact thing now. I've put in an offer on house, closing on June 28 with the condition I sell my house by June 15. I don't plan on listing my house until May 1 as there are some minor improvements I need to finish first. Some of the work (painting/caulking around the new window trim) requires plus weather for me to do.

In the past, sellers were not receptive to conditional offers. But I think now they have no choice but to take them.

[Canehdianman]

Originally Posted by pseudoreality

I'm doing that exact thing now. I've put in an offer on house, closing on June 28 with the condition I sell my house by June 15. I don't plan on listing my house until May 1 as there are some minor improvements I need to finish first. Some of the work (painting/caulking around the new window trim) requires plus weather for me to do.

We haven't really settled on a plan of attack yet. We might do the same as pseudo reality, or we might list our place and look for a 3-4 month possession date or so. That will give us time to find a place we like.

Most of the places I'm looking at on mls.ca are empty or staged, so I assume I could get a quick possession date.

[DigitalCarpenter]

Originally Posted by tvp2003

I'm curious -- what happens if you find "that" house? Decide to write an offer with a long possession and then hope to sell your place in the interim?

We've seen some nice properties come up but are hesitant to pull the trigger until we're close to listing our place. Worst case scenario is having to take a haircut on our place (in a declining market) because we have to sell before taking possession of the new place.

This happened to us when we moved 5 years ago, didn't get a single real offer in 3 months of the house being on the market. Since we were only 10 minute drive from our new place we decided to rent out the old house. Found some excellent tenets so it's been pretty easy.

If they were to move we would probably try and sell it again.

[Harry Lime]

http://www.cbc.ca/news/business/hous...uary-1.3449838

The average price of a Canadian home sold in January increased by 17 per cent to $470,297 compared to the same month a year ago.

As has been the case for several years, however, two large and hot markets, in Toronto and Vancouver, skewed the national average higher.

Adding to the discussion earlier in the thread... With the Canadian dollar so low, it's become a feeding frenzy for foreign investment in big city real estate.